Stocks To Buy Today: Intraday BUY/SELL Calls By Sumeet Bagadia On Wednesday, 2nd April

While Nifty Bank closed the previous session at 50,827.50, down 1.43%, creating a bearish candle on the daily chart, Nifty concluded the previous session at 23,165.70, recording a steep fall of 1.50% amid caution ahead of the substantial tariff deadline. The market's fear index, the India VIX, jumped 8.37% to 13.78, indicating a rise in volatility. Nonetheless, market conditions are anticipated to maintain a generally steady outlook with moderate volatility as long as VIX stays below 15. The market is anticipated to stay turbulent under geopolitical support, such as US-Iran tensions in the headlines, Israel-Hamas disputes, and the significant event of US President Donald Trump's reciprocal tariff measures, which go into force on April 2.

Nifty Outlook Today

"The index formed a bearish candle on the daily chart with a long upper wick, indicating strong selling pressure at higher level. Although Nifty has slipped below the 9-EMA, it continues to trade above the 50 and 100 EMAs, indicating that the broader bullish trend remains intact. While the hourly chart shows signs of a near-term pullback, the daily chart still maintains a higher high and higher low structure, supporting the overall uptrend. The immediate support is placed at 23,000, while the next key support aligns with the rising trendline near 22,850. The resistance on the upside is seen around 23,450," said Om Mehra, Technical analyst, SAMCO Securities.

Bank Nifty Outlook Today

"The index remains on the verge of breaching its 9-EMA but holds above the 50- and 100-EMAs, indicating that the broader trend remains mildly supportive. The daily RSI has turned slightly skewed to the downside, though it continues to hover near the 60 mark, suggesting a pause in momentum without a complete breakdown. Nifty Bank has slipped below the 23.6% Fibonacci retracement level placed at 51,000. The next key support lies near the 38.2% retracement level, around 50,390. On the upside, resistance is expected near 51,400. With a major tariff event on the horizon, the index may oscillate with wider swings as uncertainty looms," Om Mehra commented.

Stocks To Buy Today

With attention on global trade statutes, Choice Broking's executive director, Sumeet Bagadia, recommended buying two stocks on Wednesday, April 2.

GRM Overseas

Buy GRMOVER in Cash @ Rs 282.75, Stop-loss @ 273, Target @ 302

GRMOVER, is currently trading at 282.75, exhibits a strong uptrend, supported by its consistent position above key exponential moving averages (EMAs). Recent price action indicates a consolidation phase following a notable rally, with the stock maintaining levels near the 20-Day EMA. This setup suggests the potential for continued upward movement. With the stock positioned above its short-, medium-, and long-term EMAs, bullish momentum appears well-supported. If this trend continues, GRMOVER could reach a short-term target of 302.

On the downside, immediate support is located at 273. The Relative Strength Index (RSI) is currently at 66.03 and trending upward, reflecting growing buying momentum. To manage risk effectively, a stop-loss at 273 is suggested to guard against any unexpected market reversals.

In conclusion, based on the technical analysis and current market conditions, GRMOVER presents a promising buying opportunity for those aiming for a 302 target, provided that appropriate risk management strategies are in place.

Paradeep Phosphates

Buy PARADEEP in cash @ Rs 110.54, Stop-loss: Rs 106, Target: Rs 119

PARADEEP showcases a strong bullish momentum, evident from a substantial upward movement and a significant closing around ₹110.54. The stock has been experiencing robust buying interest, and a consolidation breakout with strong volume, signalling bullish momentum and potential upside continuation.

Key technical indicators, particularly the Relative Strength Index (RSI), emphasize the stock's positive momentum. The RSI not only signals positive trends but also aligns with the stock trading above crucial moving averages, including the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA). This convergence underscores the sustained strength in PARADEEP price action.

The surge in volume associated with this upward price action also indicates strong interest and a potential continuation of the rally if the momentum sustains a bullish outlook for PARADEEP. Traders and investors may find this analysis indicative of potential continued upward momentum in the stock.

Based on the above analysis we recommend buying PARADEEP in cash at CMP of 110.54 for the target of 119 with a stop loss of 106.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.